RBL Bank Home Loan

RBL Bank
4.5

RBL Bank home loan offers competitive interest rates and flexible repayment options. You can use the loan amount for any purpose, such as buying a property, renovating your existing home or consolidating your debts. The loan is offered with doorstep service and no hidden fees. It also includes doorstep collection of documents, fast processing and quick disbursal. With an RBL Bank home loan, customers can enjoy a hassle-free process and make their dream of owning a home come true.   

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RBL Bank

RBL Bank Home Loan

  • Interest Rate

    9.1% - 11.55%

  • Loan Amount

    ₹1L - ₹10Cr

  • EMI Per Lakh

    ₹2,081 - ₹2,202

  • Processing Fees

    Up to 2% of loan amount
  • Pre-Payment Charges

    • Between 13 to 18 months: 5% of outstanding principal.
    • After 18 months: 3% of outstanding principal.
    • After 12 regular EMIs: NIL
    ... more

Plan Offered

Term Loan

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RBL Home Loan

  • CIBIL: -

RBL Home Loan

CIBIL: -

CIBIL Score range

  • CIBIL: -

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  • Salaried
Loan AmountLoan TypeMen (ROI)Women (ROI)
Upto 30 LacsNew8.80%8.80%
30 Lacs to 75 LacsNew8.70%8.70%
Above 75 LacsNew8.70%8.70%
  • Salaried
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiUpto 30 LacsNew8.80%8.80%
30 Lacs to 75 LacsNew8.70%8.70%
Above 75 LacsNew8.70%8.70%

Last updated on: 22, Feb 2024

Features & Benefits of RBL Home Loan

Buying a home is a huge lifetime investment and choosing the right financial support is important. RBL offers home loans, loans against property and loans for affordable housing, which also includes loans for individuals who receive their salaries in cash. The home loan requirements are simple. Here are some potential features and benefits of RBL Bank Home Loans:

Features

  • Interest Rates: RBL Bank generally offers competitive interest rates with home loans, which makes them more affordable for borrowers.
  • Repayment Flexibility: Borrowers may find the flexibility to choose between fixed and floating interest rate options. They can choose from different loan tenures as well, whatever suits their financial needs.
  • Quick Approval: RBL Bank always considers providing a quick and hassle-free loan approval process to borrowers so that they can achieve their dream home goal sooner.
  • Balance Transfer: You can transfer your existing home loan to RBL Bank for potentially lower interest rates and better terms. These new terms and interest rates can turn out to be beneficial for you in the long run.
  • Online Access: RBL Bank provides access to online banking services for the convenience of customers in their loan account management, including EMI payments and loan statement generation.
  • Loan Amount: Depending on the eligibility, an individual can borrow a satisfactory amount to purchase a property, which can be a benefit for future investments.

Benefits

  • Home Ownership: RBL Bank Home Loan helps you realise your dream of owning a home by providing the necessary financial support in the form of a home loan.
  • Tax Benefits: You may be eligible for tax benefits of the Income Tax Act for the interest and principal repayment of your home loan, respectively.
  • Property Insurance: Some home loan packages may include property insurance coverage, offering protection for your investment.
  • Balance Transfer Savings: If you're transferring your existing home loan to RBL Bank, you may save money through reduced interest rates and better terms.
  • Competitive Terms: RBL Bank strives to offer competitive terms and conditions to make the home loan process more attractive for borrowers.

RBL Bank Home Loan Overview 

In today's dynamic property market, the quest for the perfect home is an exciting journey but one that often demands a solid financial plan. Enter RBL Bank, a trusted name in the realm of banking and finance, offering a range of tailored solutions to help you turn your homeownership dreams into reality. In this comprehensive guide, we delve into the world of RBL Bank Home Loans, unravelling the intricacies and advantages that make them a top choice for prospective homebuyers. As the saying goes, "Home is where the heart is," and RBL Bank understands the profound importance of this sentiment. With a legacy of excellence dating back several decades, RBL Bank has consistently evolved to cater to the diverse financial needs of its customers. Their Home Loan offerings reflect this commitment to excellence, combining competitive interest rates, flexible repayment options, and a seamless application process.

 We will explore the various facets of RBL Bank Home Loans, including their eligibility criteria, the array of loan products available, and the ease of applying for one. Whether you're a first-time homebuyer or looking to invest in additional property, RBL Bank's Home Loans provides the financial support and guidance you need.

RBL Bank Home Loan Fees & Charges

Here is a complete explanation of every fee and charge levied on your loan amount.

Fees and Charges Amount
Processing fees Up to  1.5%
Application fees ₹5000 - ₹6000
Charges for late payment of EMI 2% interest every month
Duplicate Interest & Principal Certificate Rs.250
NOC Rs.250
Charges for Cheque swapping Rs.250
Charges for cheque bounce Rs.250
Charges for CIBIL report Rs.50
Charges for changing from fixed to floating interest rates 0.5%
Charges for changing interest rate 0.5%
Part Pre-payment Charges 1) Floating rate loans to Individuals – Nil 2) Non-Individuals, Fixed rate, Overdraft – 3% on balance outstanding or DP whichever is higher 3) Hybrid Loans – Fixed Rate period- 3% on balance outstanding or DP whichever is higher Floating Rate period a) Term loans to Individuals –Nil b) Non – Individuals, overdraft loans - 3% on balance outstanding or DP whichever is higher.
Foreclosure Charges(a purpose other than business) NIL
Foreclosure Charges  3% on principal outstanding

Documents Required For RBL Bank Home Loan

Individuals are required to submit some documents to get a home loan from RBL Bank. These documents are necessary for the background verification of the applicant.

Application Form: A duly filled and signed home loan application form provided by the bank is a necessary document.

Photographs: Passport-sized photographs of the applicant are required for the application process.

Identity Proof: Any one of the following documents for identity verification is required:

  • Aadhar Card
  • Passport
  • Voter ID card
  • Driving License
  • PAN Card

Address Proof: Any one of the following documents for address verification is required:

  • Aadhar Card
  • Passport
  • Voter ID
  • Utility bills in the name of the applicant
  • Bank account statement
  • Rent agreement

Income Proof: To make sure your ability to repay the loan, you need to provide income-related documents, which may include:

  • Salary slips for the last 3-6 months
  • Income tax returns for the last 2-3 years
  • Bank statements for the last 6-12 months
  • Business or professional income documents
  • Form 16

Property Documents: Documents related to the property you intend to purchase, these documents include:

  • Sale agreement
  • Sale deed
  • NOC (No Objection Certificate) from relevant authorities
  • Property tax receipts
  • Approved building plan

Employment/Business Proof: If you are self-employed, you need to provide additional documents, such as business registration certificates, balance sheets, and profit and loss statements.

Guarantor Documents: If a guarantor is involved, their identity and address proof, as well as income documents, may be required.

Any Other Specific Documents: The bank may request additional documents based on your individual circumstances or the specific loan product you are applying for.

How does the EMI Calculation Work for RBL Bank Home Loan?

It is always a better idea to compute your monthly EMI towards your home loan. The formula for calculating EMI is simple yet complex: 

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

In this formula,
  • P means principal loan amount
  • R means the interest rate
  • N means the loan tenure.

You can use the Urban Money's RBL home loan calculator to ease the complexities. Enter a few details such as the interest rate, loan tenure, and the loan amount. Once you fill in the required information, you will be able to see the results on the screen. The calculator also shows you an amortisation table. This table will tell how your monthly payments are divided between the principal and interest components yearly and monthly.

Balance Transfer RBL Bank Home Loan

The RBL Bank housing loan balance transfer is a beneficial alternative that is provided to home loan borrowers. Balance Transfer is a feature where a borrower can transfer the home loan to a new lender. In any case, where the borrower finds a more attractive interest rate or other benefits on the home loan, a balance transfer to a new lender is possible.

Borrowers can opt for an RBL Bank home loan, where they can find impressive interest rates and can choose to transfer the home loan to an RBL Bank home loan. Now, transferring your home loan to a new lender is a quite simple process. Below are the instructions for the balance transfer process:

  • Submit an application to your current lender regarding the balance transfer request.
  • Collect the No Objection Certificate from the current lender to proceed further.
  • Hand over the required documents to your current lender.
  • Get the confirmation letter from the old lender to start the transfer process.
  • Pay all the fees and charges associated with the old lender and start fresh with an RBL Bank home loan.

Don't miss to Check: Home Loan Balance Transfer Calculator

FAQs

From refinancing to reducing your interest, we have the answers right here.

Can an NRI apply for RBL Bank home loans?

RBL bank does not provide any home loans to foreigners or NRIs.

To apply for an RBL Home Loan, what is the minimum age?

The minimum age to apply for an RBL bank home loan is 24 years, and the maximum age for a salaried person is 60 years. However, for a self-employed individual, it is 65 years old.

Is a co-applicant required to apply for a home loan from RBL Bank?

Applicants do not need a co-applicant to apply for an RBLbank home loan. However, a co-applicant becomes mandatory to apply when the primary applicant wants to take a loan against property.

Are there any prepayment charges on RBL bank home loans?

There are no prepayment charges for floating rate home loans. However, you have to pay 15% of the outstanding loan amount every year for fixed-rate home loans without any penalty in RBL home loans.

How much are the foreclosure charges on RBL Bank home loans?

As of now, there are no foreclosure charges for floating rate home loans. And in the case of fixed-rate home loans, The foreclosure fee is 3% of the pending amount. These are the charges applicable on RBL bank home loan floating and easy home loan.

Is RBL bank interest rate negotiable?

Yes, if you have a good relationship with RBL Bank, you can procure a reasonable interest rate on your home loan.

What is the interest rate for a home loan for an RBL bank employee?

For an RBL bank employee, the interest rate is just 1% lower than the usual interest rate.

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